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Insurance, why?


#1

A private client called upon me some years ago to replace some
"invisibly set" diamonds. She told me that she needs to have 2-3
replaced and secure the balance of her other 210 stones. I did this
and I told her to get her ring insured. She again called me a few
months later that some more other stones fell out, I asked her did
she ever get her home insurance to cover her ring, “no I didn’t, too
expensive!!!”

Guess who called me last night? Same "penny-wise and dollar foolish"
woman! Another diamond fell out, she asked me to visit her in her
$3 million condo unit next week before she goes to her $2 million, 2nd
home in the lake areas of Southern Ontario. I again, and again asked
her did you ever get insurance on your $25,000 (wholesale cost)
ring? She said she couldn’t get any insurance even after I gave her
an updated appraisal form, why? There is only one mfg’ing company in
Toronto who can supply laser-cut diamonds just for these massive,
eternity-rings. I guess I’ll be visiting them again next week!!!..:slight_smile:

BTW, each of the diamonds are 12 pts. in size. TTW. of 25 carats @
SI1,G. On todays market it could be loads more to purchase. …Gerry!


#2

I have found that some people that live like that are poorer than
the guy washing windows on the street. I knew the owner of a jewelry
store near me that have a multi-million dollar house, him and his
wife drove matching high end Mercedes. He wore watches in the 100K
range… One day he store was shut down, he was so heavily leveraged
and cash poor, he was almost 2 million dollars in debt, after
everything was liquidated and all he is still nearly a million in
debt. But you would have thought he was rich… I’m richer than
him…

-Chris


#3

Chris

He was just as broke as the rest of us but at a higher level

John


#4

My dear Orchidians…(an observation) Our Canadian life style is not
what it is like in the USA, we have now only a 7% unemployment. Many
homes well over $1+ million are being bought within 5 days on the
market. I know one as an example. Condos are are being bought just
as the ground has being dug. To date, 140 condo sites are in the
throes of being built in Toronto. We are not in the same category as
"south of the border". Why this lady neglected in buying insurance
for her $20,000+ ring is beyond me. It’s just ‘sloppy home
management’…!!! My wife and I went to a local tourist area for a
coffee last night. In the 15 minute drive, 4 condo-sites are now
being built. To hear that these retired folks can’t afford insurance,
it’s not in this scenario. …Gerry!